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Global Saudi Initiative to Support Innovation in Desalination Industry

The Innovation Driven Desalination conference was organized by the Saline Water Conversion Corporation, in partnership with the International Desalination Organization (IDA). (Photo: Asharq Al-Awsat)
The Innovation Driven Desalination conference was organized by the Saline Water Conversion Corporation, in partnership with the International Desalination Organization (IDA). (Photo: Asharq Al-Awsat)
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Global Saudi Initiative to Support Innovation in Desalination Industry

The Innovation Driven Desalination conference was organized by the Saline Water Conversion Corporation, in partnership with the International Desalination Organization (IDA). (Photo: Asharq Al-Awsat)
The Innovation Driven Desalination conference was organized by the Saline Water Conversion Corporation, in partnership with the International Desalination Organization (IDA). (Photo: Asharq Al-Awsat)

An international conference hosted by Jeddah revealed a Saudi initiative to support innovation in the desalination industry.

The Innovation Driven Desalination conference, organized by the Saline Water Conversion Corporation in partnership with the International Desalination Organization (IDA), was held in Jeddah on Tuesday in the presence of Minister of Environment, Water and Agriculture, Eng. Abdul Rahman Al-Fadhli.

On this occasion, the Governor of the Saline Water Conversion Corporation, Eng. Abdullah Al-Abdul Karim, announced a global award that aims to support and encourage innovation in the desalination industry.

The award, with a total value of USD 10 million divided over three years, will focus on the decrease of energy consumption and capital and operating costs, the use of new technologies, opportunities for business model transformation, and future analytical studies related to innovation.

The award targets researchers in public and private centers, universities, entrepreneurs, and employees of companies operating in the desalination industry at the local, regional and global levels.

Abdul Karim emphasized the Corporation’s keenness to promote and support innovation, in line with the Kingdom’s Vision 2030 and the Green Saudi Initiative.

Meanwhile, Saudi Arabia’s Deputy Minister of Environment, Water and Agriculture underlined the Kingdom’s success in facing the challenge of national food security during global events.

Eng. Mansour Al-Mushaiti told Asharq Al-Awsat that one of the pillars of food security was local production and Saudi external investments.

He stressed that the Saudi Agricultural and Livestock Investment Company (SALIC), which is owned by the Public Investment Fund (PIF), has increased its capital and promoted its foreign investments in several countries including India, Australia, Canada and Ukraine, with the aim to secure supply chains.

“Today, many of our activities and projects have begun to bear fruit and achieved the desired goals, including the improvement of all macroeconomic indicators,” Al-Mushaiti said.

He noted that the agricultural sector’s contribution to the GDP was estimated at SR 63 billion.

The Saudi official added that the ministry had a busy calendar with many activities targeting the strengths in the field of agriculture and focusing on the crop structure and the comparative advantage of each region.

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Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The dollar hit new multi-month highs against the euro and the pound on Thursday, the first day of 2025 trading, as it built on last year's strong gains on expectations US interest rates will remain high relative to peers.

The euro fell to as low as $1.0314, its lowest since November 2022, down around 0.3% on the day. It is now down nearly 8% since its late September highs above $1.12, one major victim of the dollar's recent surge.

Traders anticipate deep interest rate cuts from the European Central Bank in 2025, with markets pricing in at least four 25 basis point cuts, while not being certain of even two such moves from the US Federal Reserve, Reuters reported.

The dollar was hitting milestones across the board and the pound was last down 0.65% at $1.2443, its lowest since April, with its fall accelerating after it broke through resistance around $1.2475.

"It's more of the same at the start of the new calendar year with the dollar continuing to extend its advances in anticipation of Trump putting in place friendly policies at the start of his term," said Lee Hardman, senior currency analyst at MUFG.

US President-elect Donald Trump's policies are widely expected to not only boost growth but also add to upward price pressure. That will lead to a Fed cautious about cutting rates too much further, in turn underpinning US Treasury yields and boost dollar demand.

A weaker growth outlook outside the US, conflict in the Middle East and the Russia-Ukraine war have also added to demand for the dollar.

The dollar also reversed an early loss on Thursday to climb against the Japanese yen, and was last up 0.17% at 157.26.

It reached a five-month high above 158 yen in late December, potentially putting pressure on the Bank of Japan, which is expected to raise interest rates early this year, but possibly not immediately.

"If dollar/yen were to break above 160 ahead of the next BOJ meeting, that could be a catalyst for the BOJ to hike in January rather than wait until March," said Hardman.

"Though for now markets are leaning towards March after the dovish comments from (governor Kazuo) Ueda at his last press conference."

Even those who are more cautious about sustained dollar strength think it could take a long time to play out.

"The dollar may be vulnerable – but only if the US data confound market expectations that the Fed doesn’t cut rates more than once in the first half of this year, and not by more than 50bp in the whole of 2025," said Kit Juckes chief FX strategist at Societe Generale in a note.

"There's a good chance of that happening, but it seems very unlikely that cracks in US growth will appear early in the year – hence my preference for taking any bearish dollar thoughts with me into hibernation until the weather improves."

China's yuan languished at 14-month lows as worries about the health of the world's second-biggest economy, the prospect of US import tariffs from the Trump administration and sliding local yields weighed on investor sentiment.

Elsewhere, the Swiss franc, another victim of the recent dollar strength, gave back early gains to last trade flat at 0.90755 per dollar.

The Australian and New Zealand dollars, however, managed to break away from two-year lows touched on Tuesday. The Aussie was 0.36% higher at $0.6215 having dropped 9% in 2024, its weakest yearly performance since 2018.

The kiwi rose 0.47% to $0.5614.